North Carolina Down Payment Assistance Programs

Payments Gateway - These systems are the Mortgage Credit Certificate along with the Down Payment Assistance System.

Also you purchase a property and December 1, 2009 and should you meet the requirements for one of these programs, you can even be eligible for the $8,000 tax credit just enacted into law in the Federal Economic Stimulus Plan.

First, who is a First Time Home Buyer? A First Time Home Buyer is someone who hasn't owned a home in the past three years. It is the same qualifying definition for the $8,000 tax credit.

Should you qualify for the MCC, it is possible to claim 20% of the interest you pay on your mortgage as a credit in your federal income taxes. It is possible to save as much as .

You will manage to unite this should you qualify for 2009. This might reduce the tax liability of a buyer's by $10,000.

Who qualifies for an MCC is based in your income along with the price of the house you are purchasing. Household income is defined as the “gross income of the mortgagor and any other person expected to reside in the home who's 18 years of age or older.”

House price limitations that apply in Durham Orange and Chatham Counties and the income are given below.

MCC Income Limits 1 Individual $61,500 2 Persons $61,500 3 Persons $70,500 4 Persons $70,500

MCC Sales Cost Limitations New House $220,000 Existing Home $210,000

Who Qualifies for Down Payment Assistance?

The purchaser just has to pay $1,000 of their own funds and the load would pay as much as $8,000 of the remaining balance.

This plan has more stringent income limitations than the MCC plan outlined above. Like the MCC application, it can be utilized in conjunction with all the new $8,000 tax credit on home purchases between December 1, 2009 and January 1, 2009. The down payment assistance, however, can not be used in conjunction together with the MCC. It is an either or scenario.

House price limitations Durham and Chatham Counties and the income are given below.

Down Payment Assistance Income Limitations

1 Man $39,950 2 Men $45,650 3 Individuals $51,350 4 Men $57,050

Down Payment Support Sales Price Limits New Dwelling $210,000 Existing Dwelling $210,000